Infrastructure Financing Facilitation Office (IFFO) is hosting its first executive workshop co-organised with International Finance Corporation (IFC) and Eastspring Investments on 26-28 October at the Hong Kong Monetary Authority (HKMA), with the theme of “Private Participation in Infrastructure Project Finance in Emerging Markets”. The objective of the workshop is to kick off IFFO’s capacity building efforts. It is a two-and-a-half day workshop with the first two-day session supported by IFC as the lead organiser, followed by a half-day session arranged by Eastspring Investments as the organiser.
The workshop falls within the strategic framework under the Memorandum of Understanding (MOU) signed between IFC and the HKMA in July this year. According to the MoU, both parties agree to cooperate to support capacity building with a view to promoting an efficient and conducive market environment for infrastructure financing.
The workshop is attended by over 20 senior professionals from various organisations including multilateral financial agencies and development banks, commercial banks, asset managers and infrastructure project developers and operators across Mainland China, Hong Kong and overseas (Annex 1).
Vivek Pathak, IFC Director for East Asia and the Pacific, said, “Emerging markets are ripe for investment as many of these countries have a critical need for infrastructure. With serious new players entering this sector, there is a need to execute projects that optimise profits with measurable public good outcomes. Such developments may be realised as Public-Private Partnerships to help economies and populations flourish.”
Don Kanak, Chairman of Eastspring Investments, who will be speaking on Day 3 of the workshop (October 28, 2016), said, “Asia’s strong economic and population growth, urbanisation and the rise of the middle class generate and call for more infrastructure investment and financing, creating opportunities in the region for long-term investors. Eastspring believes infrastructure as an asset class can deliver a different value proposition to investors. China’s Belt and Road Initiative is addressing the critical needs for infrastructure development in the fastest growing and the neediest countries along the Silk Road and can play a critical role in their future development and supporting global growth and stability. We look forward to sharing our infrastructure team’s experiences and views at the IFFO.”
With the establishment of IFFO, the HKMA has brought together a strong network of parties interested in supporting the development of infrastructure in Asia and the Belt and Road (B&R) countries. At its launch in July this year, the IFFO platform brought together 41 partners with the shared mission of facilitating infrastructure investments and financing. Today, the IFFO is pleased to announce that 13 more organisations have joined IFFO as partners. They are (in alphabetical order):
(1) AIA Group Limited
(2) Allen & Overy
(3) Aon Hong Kong Limited
(4) Asian Academy of International Law
(5) Astana International Financial Centre
(6) China Export & Credit Insurance Corporation
(7) China-Britain Business Council
(9) King & Wood Mallesons
(10) Marsh (Hong Kong) Limited
(11) Mitsubishi Corporation (Hong Kong) Limited
(12) Mizuho Bank, Ltd.
(13) Zurich Insurance Company Limited
Eddie Yue, Director of IFFO and Deputy Chief Executive of the HKMA, said, “The IFFO platform has grown by bringing in partners from the insurance, banking and legal sectors, as well as international business council and corporation. With the addition of the new partners, IFFO is further equipped to deliver on its missions and we look forward to exploring areas of collaboration along the functions of IFFO, information exchange, capacity building, market and product development, and investment facilitation, with a view to facilitating infrastructure investments and financing especially in emerging markets through making use of the Hong Kong platform.”
As part of the HKMA, IFFO’s mission is to facilitate infrastructure investments and their financing by working with a cluster of key stakeholders. The functions of IFFO are:
For more information about IFFO, please visit http://www.iffo.org.hk.
IFC, a member of the World Bank Group, is the largest global development institution focused on the private sector in emerging markets. Working with 2,000 businesses worldwide, we use our six decades of experience to create opportunity where it’s needed most. In FY16, our long-term investments in developing countries rose to nearly US$19 billion, leveraging our capital, expertise and influence to help the private sector end extreme poverty and boost shared prosperity. For more information, visit http://www.ifc.org.
About Eastspring Investments
Eastspring Investments is a leading asset manager in Asia that manages over USD140 billion (as at 30 June 2016) assets on behalf of institutional and retail clients. Operating in Asia since 1994, Eastspring Investments is the Asian asset management business of Prudential plc, an international financial services company1.
We provide investment solutions across a broad range of asset classes including: equities, fixed income, global asset allocation, infrastructure and alternatives. Our investment teams are specialists in their respective fields, supported by the global resources made available through our relationship with Prudential plc and are committed to acting in the best interests of our clients and delivering optimal investment outcomes over the long term. For more information, please visit http://www.eastspring.com/.
Infrastructure Financing Facilitation Office, HKMA
International Finance Corporation
26 October 2016
1 Eastspring Investments (excluding JV companies) companies are ultimately wholly-owned / indirect subsidiaries / associate of Prudential plc of the United Kingdom. Eastspring Investments companies (including JV's) and Prudential plc are not affiliated in any manner with Prudential Financial, Inc., a company whose principal place of business is in the United States of America.